(a) Using the data from Figure 3, calculate the firms total profit. (b) If the firm operates...
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(a) Using the data from Figure 3, calculate the firm’s total profit.
(b) If the firm operates at optimum efficiency, how much will its output be?
(c) If the firm were a perfect competitor, how much would its price be in the long run?
Transcribed Image Text:
Price ($) 16 14 12 10 8 6 4 2 MC 0 0 1 2 3 4 5 6 Output Figure 3 ATC D MR 7 8 9 10
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